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Blockchain Explanation

What is blockchain?

Blockchain is digital data storage. A database that is distributed among computer network nodes. However, the main difference between the database itself and the blockchain lies in the storage of information.

As the name suggests, blockchain collects data as a group of blocks with a certain storage capacity. When the block reaches capacity, it is linked to the previous block and forms a block. Each block is timestamped when the chain is added, and together with other blocks, a larger data block is formed. Using blockchain technology, you can transfer large amounts of data, each with a specific date and number.

What does blockchain do?

As explained, blocks are made up of blocks of information. Each block is encrypted and the data is safe from hacker attacks. In addition, there is no real name associated with the block, which increases its security. On the other hand, every piece of information in the chain is shared with those who can access the blockchain.

Blockchain has changed the way data is stored and transferred and enabled decentralized financial transactions.

the downside is that transactions are almost anonymous, blocks cannot be reversed or changed, and there is a significant lack of regulation.

If used properly, blockchain technology has more advantages than disadvantages. However, it facilitates financial fraud and creates the need for crypto analysis and other services.

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